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nhocsenh13
New Member

Make mistake on RMD 2016 income will going tax 2017. Please help me go back to off RMD income

I withdraw fist time RMD after 701/2  on Mar. 2017. No received form 1099-R for 2016. It is means RMD Withdraw going to Tax returned 2017. Now I want to back turbo tax to change
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MiriamF
New Member

Make mistake on RMD 2016 income will going tax 2017. Please help me go back to off RMD income

If you did not actually withdraw money from your retirement account in 2016, then you can't correct the error using your tax return.

You are required to withdraw an RMD by April 1 following the year you turn 70 1/2 in order to avoid a penalty. Because you turned 70 1/2 in 2016, your withdrawal in March of 2017 is timely, and there will be no penalty.

If you intended to make the withdrawal in 2016 in order to lower your taxes, it's too late to make that change. You must withdraw a second RMD by December 31, 2017, and every year thereafter.

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MiriamF
New Member

Make mistake on RMD 2016 income will going tax 2017. Please help me go back to off RMD income

If you did not actually withdraw money from your retirement account in 2016, then you can't correct the error using your tax return.

You are required to withdraw an RMD by April 1 following the year you turn 70 1/2 in order to avoid a penalty. Because you turned 70 1/2 in 2016, your withdrawal in March of 2017 is timely, and there will be no penalty.

If you intended to make the withdrawal in 2016 in order to lower your taxes, it's too late to make that change. You must withdraw a second RMD by December 31, 2017, and every year thereafter.

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